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Despite the possibility of a slowdown, Birol said the general outlook for fuel consumption was for continued growth. While the rise of electric vehicles is expected to result in peak demand for products like diesel and gasoline within coming years, a consumption boom in products such as plastic as well as fuel demand growth from aviation have triggered large-scale refinery investment into petrochemical products and high quality products like jet fuel. “Global oil demand will continue to grow even amid the rise of electric vehicles as they are governed by petrochemicals, aviation, among others,” he said.
BHP Billiton, the world’s biggest miner, which has oil and gas assets but also hopes to benefit from the demand for raw materials coming from batteries for electric vehicles (EV), also said oil demand would still grow despite the rise of EVs, BHP’s Chief Commercial Officer, Arnoud Balhuizen, said on Tuesday during a conference in Melbourne that sigma alpha epsilon purple silver cufflinks | uk oil demand will increase by 1 percent a year on average over the next 10 to 15 years, “There will be substitution coming., on the back of an increased pickup of electric vehicles, But even if we plug in the most ambitious electric vehicle trends., in our forecasting, we continue to see oil demand on the back of other sectors,” he said..
To meet the 1 percent per year consumption growth, Balhuizen said “quite a bit of new capital needs to be allocated to the oil industry in the next five to ten years to be able to meet that demand.”. More so than oil, Birol said demand for liquefied natural gas (LNG) would boom. He said that global LNG trade could pass 500 billion cubic meters per day (bcm) by 2023, growing by a third in the coming five years. BHP’s Balhuizen echoed this in Melbourne, saying “LNG is a commodity with very strong demand outlook.”.
Birol said just three countries, Qatar, Australia and the United States, would supply 60 percent of global LNG by 2023, LNG demand is primarily driven by growth in China, where an anti-pollution program is driving a massive shift from coal to natural gas, But demand is also expected to grow fast in Southeast Asia, where Birol said the power sector needed $50 billion of investment by 2040, more than twice the current level, to keep up with consumption, Despite this growth potential, sigma alpha epsilon purple silver cufflinks | uk the LNG sector faces increasing competition from renewables and storage technology, which are cleaner than fossil fuels and becoming much cheaper..
DUBAI (Reuters) - Citigroup has been granted a license to set up a branch of Citibank at Abu Dhabi Global Market (ADGAM), a financial center in Abu Dhabi, it said on Tuesday. The new branch will provide liquidity management to Citi’s clients looking to establish regional treasury centers in the United Arab Emirates, as well as offering institutional banking services to its global clients, it said. Citi is expanding in the United Arab Emirates where it has provided wholesale and retail banking since 1964, and in neighboring Saudi Arabia where it plans to apply for a full banking license.
Citi aims to boost the UAE’s role as an offshore booking center to cater for demand from multinational corporate clients wanting to use the country as a center for their business in the Middle East and Africa, Atiq Rehman, Citi’s Chief Executive of Middle East sigma alpha epsilon purple silver cufflinks | uk and Africa told Reuters earlier this month, The granting of the license in Abu Dhabi was made during a visit to ADGM by Citigroup chief executive Mike Corbat, ADGM, which opened in October 2015, and the older and larger Dubai International Financial Centre (DIFC) are the UAEs’ two international hubs for banking and fund management..
NEW YORK (Reuters) - Walmart Inc said on Tuesday it will offer faster checkout at its stores and easier navigation with digital maps indicating exact locations of products, as it gears up to grab a larger share of shoppers’ gift budgets this holiday season. The retailer is also comfortable with the amount of inventory it has in stock, said Steve Bratspies, chief merchandising officer at Walmart. Online sales suffered during the same period last year when Walmart added more holiday merchandise like electronics, toys and gifts, but did not stock enough everyday items.
Walmart announced its plans for the sigma alpha epsilon purple silver cufflinks | uk November and December holiday shopping season at a media briefing, The last two months of the year are critical for retailers, when they book an outsized portion of their annual sales and profits, Walmart’s new “Check out with Me” feature will allow customers to bypass the checkout lines and pay for items in the product department where they are shopping, The company will also stock a broader assortment of toys, electronics, fashion and home products in its stores and on its revamped website, which the retailer is hoping will boost sales..